The Dow, S&P 500, and Nasdaq all finished with sizable yearly gains
The 2023 trading year is officially in the books. Despite a late-afternoon push, the Dow, S&P 500, and Nasdaq all finished lower on the day. That's about the only 'in the red' to be found, as all three major indexes locked up outsized weekly, monthly, quarterly, and annual wins.
The Dow, S&P 500, and Nasdaq have not logged a weekly loss since late October, while the lattermost turned in its best year since 2020. After topping 5% in October, the 10-year Treasury yield closed at a subdued 3.86%, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX) wrapped up its worst annual return since 2019.
Continue reading for more on today's market, including:
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Commodity Roundup 2023: Oil, Gold in Opposite Directions
Oil prices rose today, but consistent demand concerns all year led to a loss in 2023, marking black gold's first since 2020. Today, West Texas Intermediate (WTI) crude for February delivery added 42 cents, or 0.6%, to finish at $72.19 a barrel. Despite a modest win in December, the commodity suffered a roughly 20% loss for the quarter and a 10% drawdown on the year.
Gold prices settled lower today, with February-dated gold futures shedding 0.6%, to settle at $2,071.80 per ounce. December-dated gold settled higher on Wednesday for a monthly win, while the safe-haven asset added 14% in 2023 based on the most actively-traded contract.